Prestige Group sales bookings jump 4-fold to Rs 3,012 cr

Date:

NEW DELHI:

Realty firm Prestige Estates on Monday reported over a four-fold jump in its sales bookings at Rs 3,012 crore during the first quarter of this fiscal year on better demand and lower base effect.

The sales bookings stood at Rs 733.9 crore in the year-ago period, which was badly hit by the second wave of the COVID pandemic.

In a regulatory filing, Bengaluru-based Prestige Group said it has registered sales of Rs 3,012.1 crore, of which the Mumbai region has contributed Rs 737.8 crore.

”The sales have come from 3.63 million square feet volume with an average realization of Rs 8,298 per square feet. Collections made during the quarter were to the tune of Rs 2,146.4 crore,” it said.

In the June quarter, the company launched four projects comprising 9.67 million square feet. Three projects totaling 0.78 million square feet were completed during the last quarter.

On the performance, Irfan Razack, Chairman, and Managing Director, Prestige Group said: ”We are happy to see the contribution of our newly launched projects in Mumbai to our overall numbers and are optimistic about the increasing value they will be adding in the upcoming quarters.” Venkat K Narayana, Chief Executive Officer, Prestige Group, said the company’s sales bookings have grown multi-fold despite the interest rate hikes and the mixed macroeconomic sentiments.

”We hope to keep up this momentum and have around 15 million square feet of launches planned for the next few quarters across Bangalore, Mumbai, NCR, Hyderabad, and Chennai,” he added.

Prestige Group has a diversified business model across various segments — housing, office, retail, hospitality, and services with operations in 12 major locations in India.

The Group has completed 268 projects spanning developable areas of 151 million square feet and has 45 ongoing projects across segments, with a total developable area of 65 million square feet.

Further, it is planning 52 projects spanning 88 million square feet and holds a land bank of over 375 acres as of March 2022. PTI

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Karnataka High Court Orders CBI Probe into Valmiki Nigam Scam, Transfers Case from SIT

Bengaluru: In a major development, the Karnataka High Court...

Karnataka govt releases SOPs for crowd management after Bengaluru stampede

BENGALURU: After the Bengaluru stampede near the Chinnaswamy Stadium...

Bengaluru Woman Alleges Husband Tried to Force Her into Prostitution, Files Police Complaint

Bengaluru: In a deeply disturbing case of alleged domestic...

260 cases filed, 98 autorickshaws seized in Bengaluru for fleecing passengers

BENGALURU: After the bike taxis were banned in Karnataka,...
bengaluru {"prefetch":[{"source":"document","where":{"and":[{"href_matches":"\/*"},{"not":{"href_matches":["\/wp-*.php","\/wp-admin\/*","\/wp-content\/uploads\/*","\/wp-content\/*","\/wp-content\/plugins\/*","\/wp-content\/themes\/thebengalurulive\/*","\/*\\?(.+)"]}},{"not":{"selector_matches":"a[rel~=\"nofollow\"]"}},{"not":{"selector_matches":".no-prefetch, .no-prefetch a"}}]},"eagerness":"conservative"}]}